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West Ashley Trust & Estate Attorneys

 

– West Ashley

Threats to Your Accumulated Assets

At times it can seem that your hard-earned or inherited wealth is under attack from a number of fronts: federal and state taxation, fraudulent schemes, risky investments, greedy creditors, and personal injury claims. At Wiles Law we are committed to protecting your assets from all of these. We have many asset protection tools at our disposal and have a track record of using them successfully. We are especially well-prepared to protect you and your family, including your beneficiaries, from excessive taxation and lawsuits

How Unexpected Lawsuits Can Threaten Your Financial Stability

As most people are well aware, frivolous, and even malicious, lawsuits are all too common. In our society, creditors, landlords or tenants, business associates, neighbors, former spouses, and even close relatives seem to be all too ready to take their complaints to court. Not only is litigation expensive, but settlements can eat up substantial savings very quickly. Vehicular accidents, malpractice claims, and all sorts of premises liability lawsuits (e.g.slip and falls, dog bites) can unexpectedly drain your family’s resources if you are required to pay for another party’s personal injuries. Tenacious creditors or fraudulent claimants can also destroy your peace of mind. This is why it is so important to have an accomplished asset protection attorney on your team. Wiles Law Firm is prepared to set up your estate so that your assets will be safe even if you are at the wrong end of a lawsuit.

How can Wiles Law Firm protect your assets in West Ashley?

When you consult with the thoughtful asset protection attorneys at Wiles Law Firm, you will find that we have a refreshing, individualized approach. We know that you come to us with particular needs and ideas about how you want to proceed, and we make it a point to listen carefully. We are well aware that our suggestions and recommendations are not helpful unless they correspond to your financial situation in a meaningful way. Depending on your specific circumstances, our estate planning attorneys will assist you in setting up one or another of the following means of asset protection, making certain that the work we do for you is clear, thorough, and legally binding.

Advantages of Forming an LLC

One good method of protecting your assets is to form a Limited Liability Company, or LLC. When individuals form an LLC, they are considered members, not partners or shareholders of the unincorporated business organization. While an LLC has the same tax benefits as an LLP (Limited Liability Partnership), in an LLC there needn’t be a managing partner — one who will be legally liable for the actions of the organization. An LLC may best be described as a business structure that has similarities to a corporation as well as to a partnership or sole proprietorship.

An LLC protects assets by:

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Being less costly and time-consuming than it is reputed to be

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Limiting liability for lawsuits and business debts

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Preventing creditors from going after one’s home and personal savings

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Allowing pass-through taxation, so income or loss is reported on personal tax returns

An LLC also has the advantage of increasing credibility, having fewer state requirements than S and C corporations, and having greater flexibility since it has no board of directors. In spite of the many advantages of creating an LLC, it should be remembered that establishing an LLC makes ownership transfer more difficult than it would be with a corporation

Wiles Law Firm Will Guide You Through the Steps Necessary to Form an LLC

Clearly, it is essential to work with a reliable asset protection attorney if you want to create an LLC. Our well-schooled attorneys will assist you in:

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Choosing a name for your company and checking with the State of South Carolina to avoid infringing on an existing company’s name

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Filing Articles of Organization

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Appointing a registered South Carolina agent who will accept legal documents in the event that the LLC is sued

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Preparing an Operating Agreement (recommended but not legally required)

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Complying with tax and regulatory requirements, which may include obtaining an Employer Identification Number (EIN) and/or registering with the South Carolina Department of Revenue

You should be aware that foreign LLCs must register with South Carolina’s Secretary of State in order to do business in our state.

Why You Need Wiles Law to Set Up a Workable SRT in Charleston

There are a great number of irrevocable trusts that the conscientious attorneys at Wiles Law Firm can recommend to help you protect your assets, including:

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Qualified Personal Residence Trust (QPRT)

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Grantor Retained Annuity Trust (GRAT)

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Testamentary Irrevocable Trust

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Irrevocable Life Insurance Trust

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Gift in Trust

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Inheritor’s Trust

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Stand-alone Retirement Trust (SRT)

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Beneficiary Defective Inheritors’ Trusts (BDIT)

Because once your assets have been transferred to one of these trusts, they are no longer considered to be under your ownership, the funds they contain are protected from creditors, lawsuits and bankruptcy laws. The funds they contain, however, will become taxable when they are distributed to your designated beneficiary. The primary drawback to irrevocable trusts is that they cannot be altered without court approval. This is a good reason to thoroughly discuss the pros and cons of irrevocable trusts with one of our asset protection attorneys.

If you reside in West Ashley, and are concerned about asset protection, you are fortunate to have the experienced attorneys of Wiles Law Firm, LLC nearby. We are eager to help you take the necessary steps to protect your accumulated wealth for the benefit, safety, and comfort of yourself and your loved ones.

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